Google Inc (NASDAQ:GOOGL) has created what is known as Google Genomics, and the project is targeted at hospitals and research institutions – universities. The company expects the project to help researchers handle millions of genomes easily and faster than it has ever been done in the past.
In the latest move, Google said it recognized that the way people studied genetics had changed, and it was only prudent that it gives its support to the changes. The company was recently reported as developing two innovative devices whereby one would help with cancer detection and other with blood sugar monitors using tears from the eye.
The push into the medical sciences realm is gathering steam at Google Inc (NASDAQ:GOOGL) and the company is leaving no room for error, so to speak. Google Genomics is not entirely new. It was launched earlier this year, but it didn’t receive much media attention that it was quickly forgotten. However, the company is talking much about it again, and this time around it would, hopefully, not go away from the public discourse. In any case, investors need to know what the company is doing to move its financial needle several notches higher in the future.
With Google Genomics, the company has created a Drive in the cloud for that purpose that researchers can conveniently and cheaply store and retrieve patients’ genomes. The issue here is to have proper storage and analysis of such data without poking a hole in the wallet.
Dealing with genomes right now is a challenge that in many was impedes medical research. It takes several hours to decode a single genome and the size of the data that results from such efforts is also huge and costly to store.
Google charges $25 per year to store just about 100 gigabytes of such raw data. It also charges extra for the computation of the same. However, signing onto the Google Genomics brings the storage cost of such data to just $0.25 per year. Perhaps without looking so much into the immediate revenue aspect from such efforts, Google Inc (NASDAQ:GOOGL) expects to achieve great revenue in the future.